The sale comes at a tight discount and while it saw good support from US long funds and real estate specialists, indications last night were that the demand fell short of covering the full deal.

The Government of Singapore Investment Corp GIC has sold about a quarter of its investment in Global Logistic Properties GLP, raising S$1.55 billion $1.25 billion. The fully underwritten deal is the biggest equity transaction in a Singapore-listed company since Hutchison-backed HPH Trust raised $5.45 billion from an initial public offering in March 2011.